Atlanta Gold completes second tranche of $2.5m financing

Atlanta Gold (CVE:ATG) announced Monday it has completed the second tranche of its previously announced $2.5 million private placement.
The Idaho-focused mineral exploration and development company issued over 10.9 million units for $0.07 per unit for gross proceeds of  $763,900. Each unit consisted of one common share of Atlanta Gold and one common share purchase warrant.
Each warrant entitles the holder to purchase one additional share of the company at a price of $0.11 per share, for up to 24 months following the closing date.
The second tranche follows the previously completed initial tranche, which earned Atlanta  $947,700. The balance of the offering is expected to be completed next week, the company said.
Gross proceeds will be used for exploration, development and permitting expenditures on the company's Atlanta gold property located in Idaho, US, as well as for working capital purposes.
Atlanta paid a cash finder's fee of $23,072 and issued 329,000 compensation options, in connection with the closing of the initial tranche.
Each compensation option entitles the holder to purchase one common share of the company at $0.11 per share for up to one year.